Category Bookkeeping

Accrual accounting adheres to the matching principle which requires recognizing revenue and expenses in the period they occur. For the credit side, it will consist of the deferred revenues account. This account helps record revenues companies have received but haven’t…

As a subscription-based software company, you need to follow ASC 606 standards. SaaS revenue recognition is highly nuanced so it is vital to have an accountant navigate your financial procedures. If you improperly recognize revenue, you risk misstating your income…

In order to cancel out the credit balance, we would need to debit the account. What is the current book value of your electronics, car, and furniture? Are the value of your assets and liabilities now zero because of the…

The CV of assets is the net book value of assets after subtracting the accumulated depreciation from the initial cost. This value can be much different from the asset’s current market or fair value, which is estimated using current market…

SmartAsset Advisors, LLC (“SmartAsset”), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Transactions that involve stockholders are primarily the distribution of dividends and the sale or repurchase of the company’s stock. As for the “Treasury…

If you are operating a corporation in Florida, it is important to file your corporate income tax return on time to avoid fines and penalties. You can file your corporate income tax return online or by mailing a paper copy.…

If a company purchases land for $100,000, the cost principle requires recording the land at its historical cost of $100,000 on the balance sheet. By valuing assets at the price paid when they were acquired, businesses are able to track…

Land is not depreciable (it doesn’t wear out), but land improvements such as roads, sidewalks or landscaping may be written off over periods of 10, 15 or 20 years depending on the specific nature of the asset. An asset is…